Contact Center Software Market Size, Share & Segmentation by Component (Solution and services), by Deployment (Hosted and On-premise), by Enterprise Size (Large Enterprise and Small & Medium Enterprise), by End Use (BFSI, Consumer Goods & Retail, Government, Healthcare, IT & Telecom, Travel & Hospitality, Others), by Regions and Global Market Forecast 2023-2030

Report Scope & Overview:

The Contact Center Software Market size was valued at USD 29.77 Bn in 2022 and is expected to reach USD 152.88 Bn by 2030, and grow at a CAGR of 22.69% over the forecast period 2023-2030.

A contact center is a centralized office that a company uses to evaluate the performance of customer service representatives. It is used to handle letters, faxes, and e-mails collectively at one location, as well as to transmit and receive enormous numbers of telephone inquiries. It also aids in understanding the whole concept of customer relationship management used by contact centers to analyze interactions and bridge any gaps so that the right repairs may be made.

The market's expansion may be ascribed to the increasing usage of cloud-based and virtual contact center solutions to improve business continuity. Contact centers throughout the world are concentrating on shifting the customer experience from a single encounter to a journey of consistent and individualized interactions. Contact center software is now assisting organizations in delivering a consistent customer experience across all communication channels. The considerable focus that organizations have on simplifying and customizing client interactions in order to improve customer satisfaction is driving market expansion.

MARKET DYNAMICS:

KEY DRIVERS:

• The adoption of modern contact center technology is increasing.

• Handling contact center attrition and absenteeism are required.

• There is a growing need for omnichannel solutions to reduce the effort required to reach end customers.

• Continuous migration to cloud-based call centers

• To achieve high customer satisfaction, there is an increasing desire for individualized and simplified client interactions.

RESTRAINTS:

• In emerging economies, insufficient network capacity limits the use of VoIP and cloud-based telephony.

• PRI phone services have high fees and long-term commitments.

• How IVR fraud and cyber threats affect corporate operations.

OPPORTUNITY:

• Customer needs for powerful self-service interactions are changing.

• There is an increasing need for real-time audio and video conversation analysis.

• Shifting corporate focus toward work-from-home culture.

CHALLENGES:

• Aspects of data privacy and security

• Obstacles to migrating contact centers to cloud infrastructures

IMPACT OF COVID-19:

The COVID-19 epidemic has had little influence on the expansion of the contact center software business, which has risen in the face of unprecedented conditions. Enterprises increasingly need to break free from outdated infrastructure in order to build a more flexible approach to customer interaction. However, customer engagement success has traditionally been judged by the accuracy and speed with which requests are addressed. Furthermore, the continued trend of working from home (WFH) during the pandemic drives the usage of contact center software to maintain company continuity and efficiency.

MARKET ESTIMATION:

In 2021, the IVR sector dominated the market. Traditional speech recognition software cannot read tones and accents as precisely as interactive voice response systems. The customer collaboration solution sector is expected to grow at the quickest rate over the projection period. Customer collaboration solutions improve firms' interactions with both present and new consumers. In 2021, the integration and deployment sector dominated the market. Businesses across the world are rapidly investing in integrating different apps and technologies, such as Customer Relationship Management (CRM), into their business operations, fueling the growth of this category. The managed services category is expected to develop at the quickest rate over the projection period.

In 2021, the on-premise segment dominated the market. On-premise deployment entails installing all of the gear and software needed to run and manage a contact center on the customer's premises. Only by investing extensively in professional services can organizations reap the customizability benefits of on-premise systems. The hosted category is expected to grow at the quickest rate over the projected period. Businesses all around the world prefer cloud-based contact center solutions versus on-premise systems because of their capacity to scale services. Cloud solutions are intended to link agents to centralized contact center software while also providing staff with a secure intranet to collaborate and communicate with one another.

In 2021, the big enterprise sector dominated the market. Customers of large corporations may be found all around the world. As a result, major firms are more inclined to invest in cutting-edge technologies to maintain company continuity and efficiency. Furthermore, major organizations often pick solutions and services that have the potential to increase profitability. From 2022 to 2038, the Small and Medium Enterprise (SME) category is expected to grow at the quickest rate. The increasing use of customer care solutions by SMEs worldwide is likely to boost category growth during the forecast period. The increasing number of small and medium-sized firms throughout the world is expected to open up new prospects for the category in the future years.

In 2021, the IT & telecom category dominated the market. The fierce competition in the IT and telecommunications industries shows no signs of abating. Several new players are entering the business and exploring novel ways and approaches to success. IT and telecom companies are flourishing for innovation and focused on increasing revenues by installing proper solutions to ensure that their client service is always available, as well as successfully utilizing massive amounts of consumer data for actionable insights. The consumer goods and retail categories are expected to grow at the quickest rate throughout the projection period. Customers are increasingly turning to digital media for their buying requirements. These technologies assist organizations and retailers in engaging in individualized interactions with customers and developing strong customer connections.

KEY MARKET SEGMENTS:

On The Basis of Component

• Solution
  • Automatic Call Distribution
  • Call Recording
  • Computer Telephony Integration
  • Customer Collaboration
  • Interactive Voice Responses
  • Others
• Service
  • Integration & Deployment
  • Support & Maintenance
  • Training & Consulting
  • Managed Services

On The Basis of Deployment

• Hosted

• On-premise

On The Basis of Enterprise Size

• Large Enterprise

• Small & Medium Enterprise

On The Basis of End Use

• BFSI

• Consumer Goods & Retail

• Government

• Healthcare

• IT & Telecom

• Travel & Hospitality

• Others

REGIONAL ANALYSIS:

The growing omnichannel approach to sales, along with North America's burgeoning e-commerce industry, is felling demand for contact center software. Companies are attempting to diversify their company portfolios in the region due to the enormous potential it offers. Notably, enterprises are moving their emphasis to cloud-based solutions in order to improve efficiency and scalability. More and more North American businesses are turning to contact center solutions to meet rising consumer demands, resolve customer complaints, and improve on input from both digital and non-digital channels in order to boost revenue and minimize loss.

REGIONAL COVERAGE:

• North America

  • USA

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

  • The Netherlands

  • Rest of Europe

• Asia-Pacific

  • Japan

  • south Korea

  • China

  • India

  • Australia

  • Rest of Asia-Pacific

• The Middle East & Africa

  • Israel

  • UAE

  • South Africa

  • Rest of Middle East & Africa

• Latin America

  • Brazil

  • Argentina

  • Rest of Latin America

KEY PLAYERS:

The major key players are Avaya, inc., Cisco Systems, inc., Genesys, Huawei technologies co., ltd., Microsoft corporation, Mitel corporation, Nec Corporation, Nice systems ltd., Oracle corporation, SAP SE

Frequently Asked Questions (FAQ) :